This Lease Subordination Agreement is a lienholder's lien that was created by a (Mortgage/Deed of Trust) and is subordinated to a mineral/oil/gas lease and lienholder releases, said Leasehold from all liens created by said (Mortgage/Deed of Trust), and all extensions and renewals of such liens. Lienholder retains all rights under the (Mortgage/Deed of Trust) against any royalty interest reserved by the lessor in and payable under the terms of the lease, or any of lessor's reversionary interests on the termination or expiration of the lease.
Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.
A Houston Texas Lease Subordination Agreement is a legal document that outlines the terms and conditions of subordinating one lease to another. It is typically entered into when a tenant wants to secure additional financing for their property, and the lender requires the existing lease to be subordinated to their mortgage or lien. The agreement basically alters the priority of the lease, making it secondary to the mortgage or lien. This means that in the event of default or foreclosure, the rights of the lender take precedence over those of the tenant. The tenant's leasehold interest becomes subject to the terms and conditions of the mortgage or lien, ensuring that the lender's interest is protected. There are several types of Houston Texas Lease Subordination Agreements, including: 1. Commercial Lease Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions, where the tenant wants to secure financing for their business operations. By subordinating their lease, the tenant provides assurance to the lender that their interest will be protected. 2. Residential Lease Subordination Agreement: This agreement is used in residential real estate transactions, typically in situations where a homeowner or tenant wishes to secure financing against their property. The lease is subordinated to the mortgage, ensuring the lender's priority in case of default. 3. Ground Lease Subordination Agreement: In this type of agreement, the tenant who holds a ground lease subordinates their leasehold interest to the mortgage or lien of the property's owner. It allows the owner to secure financing against the property while the tenant's lease remains in effect. In summary, a Houston Texas Lease Subordination Agreement is a legal contract that establishes the priority of a lease in relation to a mortgage or lien. It is commonly used in commercial and residential real estate transactions to protect the interests of lenders and secure financing for tenants or property owners.A Houston Texas Lease Subordination Agreement is a legal document that outlines the terms and conditions of subordinating one lease to another. It is typically entered into when a tenant wants to secure additional financing for their property, and the lender requires the existing lease to be subordinated to their mortgage or lien. The agreement basically alters the priority of the lease, making it secondary to the mortgage or lien. This means that in the event of default or foreclosure, the rights of the lender take precedence over those of the tenant. The tenant's leasehold interest becomes subject to the terms and conditions of the mortgage or lien, ensuring that the lender's interest is protected. There are several types of Houston Texas Lease Subordination Agreements, including: 1. Commercial Lease Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions, where the tenant wants to secure financing for their business operations. By subordinating their lease, the tenant provides assurance to the lender that their interest will be protected. 2. Residential Lease Subordination Agreement: This agreement is used in residential real estate transactions, typically in situations where a homeowner or tenant wishes to secure financing against their property. The lease is subordinated to the mortgage, ensuring the lender's priority in case of default. 3. Ground Lease Subordination Agreement: In this type of agreement, the tenant who holds a ground lease subordinates their leasehold interest to the mortgage or lien of the property's owner. It allows the owner to secure financing against the property while the tenant's lease remains in effect. In summary, a Houston Texas Lease Subordination Agreement is a legal contract that establishes the priority of a lease in relation to a mortgage or lien. It is commonly used in commercial and residential real estate transactions to protect the interests of lenders and secure financing for tenants or property owners.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
